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Monday, December 6, 2021

Amazon Will Stop Accepting Your Visa Credit Cards In The UK

Amazon will stop accepting Visa credit cards that were issued in the United Kingdom from the 19th of January.

Amazon had stated that the move was due to high credit card transaction fees but had added that the Visa debit cards would still be accepted.

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Visa replied to that announcement that they were very disappointed at the thought of them restricting their consumer’s choices.

The High Costs Of Visa Was The Main Reason Why Amazon Stopped Accepting The Credit Card

The cost of accepting card payments continues to be an obstacle for businesses striving to provide the best prices for customers. The online retailer said costs should be going down over time due to advances in technology, but instead they continue to stay high or even rise.

A spokesperson from Amazon had stated that the dispute was to do with egregious price rises from Visa over several years without any additional value to the service that was provided.

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The billion-dollar company is offering £20 for Prime customers to switch from using Visa to an alternative payment method, and £10 for other customers, if they have a Visa card as their default or only payment method on their account.

Visa had a long and stable relationship with Amazon and was doing its best to resolve the situation so customers would be able to use Visa credit cards with Amazon UK.

The company declined to say how much Visa charges the retailer to process transactions made on credit cards.

Visa also declined to comment though it claimed that on average it takes less than 0.1% of the value of a purchase.

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